Green Hydrogen Is Fastest Growing Segment Fueling Growth Of Flare Gas Recovery Systems Market
The global Flare Gas Recovery Systems Market is estimated to be valued at US$ 3.93 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flare gas recovery systems help capture flare gases from petroleum, natural
gas, and chemical manufacturing facilities. They compress and recover gas
mixtures containing hydrogen, methane and heavier hydrocarbons which are then
utilized for various downstream applications or reinjected into pipelines for
transportation.
Market key trends:
One of the key trends driving the flare gas recovery systems market is the rise
in demand for green hydrogen production. As governments and organizations
across the world seek to decarbonize industries and shift to cleaner sources of
energy, there is significant investment in technologies that can produce
hydrogen economically from renewable energy sources like solar and wind. Flare
gas contains substantial amounts of methane which can be processed to produce
low-carbon or green hydrogen. Flare gas recovery systems thus play a vital role
in enabling cost-effective green hydrogen production and contributing to global
climate change goals.
Segment
Analysis
The global flare gas recovery systems market is segmented based on components,
capacity, and application. Among components, the vapor recovery units segment
accounted for the largest market share in 2022, owing to its wide usage for
recovering hydrocarbon liquids and gases from flare systems. In terms of capacity,
the large capacity flare gas recovery systems segment is projected to dominate
the market during the forecast period. This growth can be attributed to rising
demand from oil & gas production facilities with high flare gas generation
capacities. Looking at applications, the onshore segment holds the major share
of the market currently due to growing shale gas production activities in North
America, Russia, and the Middle East.
Key Takeaways
The Global
Flare Gas Recovery Systems Market Size is expected to witness high
growth, exhibiting a CAGR of 7.5%
over the forecast period, due to increasing environmental concerns regarding
greenhouse gas emissions.
Regional Analysis
North America held the largest share of the flare gas recovery systems market
in 2022 and is estimated to continue dominating during the forecast period.
This growth can be credited to ongoing offshore exploration projects in the
Gulf of Mexico and onshore shale developments in the US.
Key Players
Key players operating in the flare gas recovery systems market are UOP-A
Honeywell Company, Wärtsilä Hamworthy, MPR Industries PLC, John Zink Company
LLC, Zeeco Europe and Zeeco India, Gardener Denver, and Ro-Flo Compressors.
UOP-A Honeywell Company leads the market with wide product offerings supported
by extensive service network globally.
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